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fxJul 3, 2026, 6:56 AM

Silver Hits $62.15 on Weak NFP Data, Bearish Bias Persists

Silver price extended its rally to a weekly high above $62.00 after disappointing US Nonfarm Payrolls dampened expectations for further Fed rate hikes, though analysts note the broader technical setup remains bearish.

XAGUSD

Silver (XAG/USD) climbed to a weekly high near $62.15 during early European trading on Friday. The rise was fueled by a softer-than-expected US Nonfarm Payrolls (NFP) report, which lowered market expectations for additional Federal Reserve interest rate hikes.

Despite the short-term bounce, the broader technical picture for silver remains bearish, suggesting the current rally may be corrective in nature. Traders continue to monitor key resistance levels to assess whether the uptrend can sustain or if sellers will regain control.

Source: FXStreet Forex News